New Delhi: The department of telecommunications has written to all telecom and Internet service providers that it will not accept any bank guarantees by Axis Bank after the lender failed to invoke a bank guarantee issued by it on behalf of Aircel.

“Axis Bank has failed to invoke a bank guarantee issued by them on behalf of Aircel group of companies. This action by Axis Bank is a serious breach of trust and contract with the government of India.

New Delhi: With an aim to providing first-and-last-mile connectivity, railway public sector undertaking (PSU) Indian Railway Catering and Tourism Corporation (IRCTC) on Monday announced a partnership with cab aggregator Ola, giving commuters an option book taxi on its app.

The tie-up, a six month pilot project, will give customers access to Ola booking services when they visit the IRCTC Rail Connect App and on its website, the IRCTC said in a statement.

UltraTech Cement on Monday said its board had approved a comfort letter for an amount of Rs 7,266 crore to be given to promoters of Binani Cement signifying its intent to buy a 98.47% stake in the company.

The purchase can go through either if insolvency proceedings, under the purview of the IBC (Insolvency and Bankruptcy Code), against Binani Cement are terminated or the National Company Law Tribunal (NCLT) permits Ultratech’s revised bid to be considered.

BENGALURU: Amazon Inc owns warrants that allow it to pick a stake in an American business process outsourcing company that will also provide customer services to its Indian rivals Flipkart and Paytm, following the merger last week of the New York Stock Exchange-listed Startek with India’s Aegis Global.

Markets regulator Sebi today exempted the central government from making an open offer for the shareholders of Punjab National Bank, Canara Bank and four other state-owned lenders following capital infusion.

The exemption has been given with regard to Syndicate Bank, Vijaya Bank, Bank of Baroda and Union Bank of India also.

The Sensex on Monday dropped below the 200-day moving average (DMA) — a key technical support level — for the first time since November 2016. Further, 18 of the 30 scrips of the Sensex are currently trading below their 200-DMA, indicating a broad-based weakness. Volatility could also be on the rise as the VIX index has surged 25 per cent this year.

The current bout of selling in the market was started in early February. It was triggered by a global sell-off due to hardening of US bond yields.

Facebook Inc's shares fell 4 percent in premarket on Monday after media reports that a political consultancy that worked on President Donald Trump's campaign gained inappropriate access to data on 50 million Facebook users.

The move would knock $21.5 billion off the social network's market value of $538 billion as of Friday's close. One Wall Street analyst said the reports raised 'systemic problems' with Facebook's business model and a number said it could spur far deeper regulatory scrutiny of the platform.

State-run power equipment maker Bhel today said it has commissioned first unit of 110 MW of the Kishanganga hydro-electric project (HEP) of NHPC in Jammu and Kashmir. Located on the river Kishanganga, a tributary of the Jhelum in Bandipora district, all the three units of the 340 MW project will generate 1,350 million units (MU) of clean electricity annually, a Bhel statement said.

NEW DELHI: State-owned Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) may buy 26 per cent stake each in gas utility GAIL India Ltd, paying the government over Rs 20,000 crore each to become integrated energy firms.

Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 per cent stake in India's biggest gas marketing and transportation firm, GAIL.

MUMBAI: In an unusually strong-worded order, the Securities Appellate Tribunal (SAT) has charged a member of the Insurance Regulatory and Development Authority of India (IRDAI) of “virtually aiding and abetting corruption”.

The strong words were used against member (nonlife) P J Joseph for disposing of a complaint of bribery without investigating the evidence. The order was issued by SAT presiding officer Justice J P Devadhar in an appeal filed by UK-based insurance broker Atkins Special Risks.

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